SAO PAULO: Brazil’s Petroleo Brasileiro SA is said to have raised about US$2.3bil (RM9.6bil) in the biggest share sale in Latin America so far this year.
Petrobras, as the company is known, shed its remaining stake in fuel distributor Petrobras Distribuidora SA in an offer that priced at 26 reais (US$5.23 or RM21.70) apiece, according to sources.
The sale is part of a broader plan from the oil giant to exit non-core businesses, cut debt and focus on deep-water projects.
The downsizing is also part of the government’s strategy to divest state-run assets.
The drive, one of the main promises of Economy Minister Paulo Guedes when taking office in 2019, has been on hold for most of the past year after the pandemic upended the economy.
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